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Moody’s rates LaserShip loan B3
Moody's Investors Service said it assigned a B3 rating to LaserShip, Inc.'s $125 million non-fungible senior secured first-lien term loan due 2027.
Proceeds from the new incremental term loan were used to fully repay borrowings under the company's $125 million revolving credit facility and add cash to the balance sheet.
The company's existing ratings, including the Caa1 corporate family rating, are unchanged at this time.
The outlook remains negative.
“Moody's views the leverage-neutral transaction as a credit positive since it restores availability to LaserShip's revolver ahead of a critical holiday peak shipping season,” the agency said in a news release.
“LaserShip typically relies on its external credit facilities to support seasonal working capital usage during the fourth quarter.”
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